Imagine buying an investment property with very little บ้านมือสอง ราคาถูก down, with a great interest rate and no mortgage insurance. Well it is possible!
If you are an investor and would like to have a chance to buy properties with little down, or you would like to be able to finance the repairs, then you are in luck. Fannie Mae HomePath will allow it. Let's look at the program more in depth.
1. As little as 10% down
In today's market, you would need to put at least 20% down to purchase an investment property. There just aren't any lenders willing to lend with less money down. The main reason is because mortgage insurance companies aren't willing to accept the risk.
Well that was the case, but now there is the HomePath Mortgage! With this program you only have to put 10% down. This will open up your chances of leveraging more properties with your investment.
2. No mortgage insurance
You probably already know this, but let's cover it, just in case. Mortgage insurance is a premium paid to the lender because you did not put enough money down. This is not homeowner's or fire insurance.
Most loans will require that you put 20% down or you have to pay mortgage insurance. Not with Fannie Mae HomePath. You can put as little as 10% down and you don't have any mortgage insurance to pay. This can save you as much as $140 a month, on a $150,000 purchase.
3. Finance the repairs
Unlike 99.9% of the loans out there, the HomePath Renovation Mortgage allows you to finance repairs into the loan. There is a ceiling on how much money you can get towards the repairs though.
What's the downside?
It seems like most loans have a downside, so you are probably asking what it is here. There really isn't any. If anything, maybe it's that the interest rate is a bit higher, but it is much cheaper than paying mortgage insurance.
One more note, as an investor you will have to wait 15 days or more before you can make an offer. They want to give people a chance to buy the home that will live in it first. This period is known as the "first look". The only State that requires more days is Nevada, and the first look period there is 30 days.
As you can see, the HomePath options are a fantastic way to buy your investment property. If you want more information on the Fannie Mae HomePath properties, give us a call.
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